What is the maximum Savings% is achievable in Legal & Insurance Spend.(Spend 1 Million MYR-Malaysian Ringgit)
Pankaj, as Grahame has eluded to, this is an impossible question to answer. However, there are measures that you can take to improve the likelihood of achieving savings, and questions you should be asking to understand the potential savings.
Questions to be asking are:
1) When was this contract last negotiated
2) How was it negotiated
3) How easy is it to switch suppliers
4) How easy is it to define the specs
4) How many suppliers could potentially provide the service
5) How have the cost drivers moved since you last negotiated
There are many more, but should give you a good foundation to work from.
The more valid suppliers that you can improve in the tender process the more options you will have. Hopefully that supplier liquidity will increase the chances of achieving savings.